Birth of the ‘Gorporation?’

Re: CEO’S resignation spurs debate over vaccine queue-jumping, Barb Shecter, Feb. 27; and The strange Mark Machin takedown, Terence Corcoran, March 2

That Chrystia Freeland had the intestinal fortitude to dismiss the CEO of the Canadian Pension Plan Investment Board on the premise, “... Canadians place their trust in the CPPIB and expect it to be held to a higher standard,” speaks volumes about Freeland’s disconnect with reality. I am sure the vast majority of Canadians are unaware of the existence of the CPPIB, and even those with awareness could care less about Mark Machin’s out-of-country trip and vaccination. After all, Mr. Marchin piloted the CPP pension fund to an annualized five-year return of 9.7 per cent since taking over the fund in 2016. In the meantime Freeland, Justin Trudeau and the unelected faction in the PMO have recently taken Canada into an unimaginable level of debt, all the while refusing to provide full accountability of their actions. Mr. Machin’s minor transgression pales in comparison to those of Justin Trudeau, who is unquestionably one of the worst prime ministers this country has ever had. It is Justin Trudeau and company who should be run out of town. Paul Kennedy, Cochrane, Alta.

The remarkably expeditious change of CEO at the CPPIB last week has raised both internal and external governance questions. With respect to the latter, the vaunted independence of this Crown corporation may have been seriously challenged. The federal Ministry of Finance abandoned traditional protocol and provided foreign press with attributed quotes pertaining to very troubling concerns and expressing surprise at the CEO’S whereabouts. It followed up with confirmation of the minister’s personal intervention. Does this reflect a change in policy going forward? Must the itinerary of senior management now be pre-cleared by the ministry? Has a decision been made to follow the Quebec precedent and exert more implicit/explicit political control over their superannuation fund? If so, has the CPPIB now become a hybrid form of “independent” corporate entity and are we witnessing the birth of the Gorporation?

Ian Bandeen, Victoria